Residence Permit in Cyprus

Cyprus is one of the most popular destinations for moving for temporary or permanent residence. It is an island with clean seas, stunning beaches, well-developed infrastructure, and a strong financial and banking system. However, to stay in the country legally for an extended period, you need to obtain a residence permit in Cyprus. This process requires a proper approach to avoid rejection. Lawtter Solutions offers clients legal help with obtaining a residence permit and citizenship in Cyprus. We ensure a fast process for this procedure.

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Advantages

Advantages of a Residence Permit in Cyprus

Cyprus is a country where many people aim to move. A residence permit in Cyprus offers several significant advantages:

Cyprus is an EU country

Therefore, a residence permit in Cyprus allows you to travel freely across the European Union, conduct business in EU countries without customs, etc.

Developed financial system

Cyprus is a major global financial center. Numerous banks operate here, and a country resident can receive high-quality banking services.

Possibility to run a business

Obtaining a residence permit in Cyprus grants the right to buy a stake in an organization or transfer an operating company to this jurisdiction.

High standard of living

Cyprus is a developed, economically and politically stable state. Regarding the Human Development Index, the country ranks 29th in the world.

Favorable tax conditions

Businesses in Cyprus do not pay taxes on income earned outside the country. The corporate tax rate is just 12.5%, being one of the lowest in the European Union.

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Citizenship by investment

Residence Permit for Entrepreneurs and Business Owners in Cyprus

Cyprus offers excellent conditions for foreign entrepreneurs who wish to develop their businesses in a stable economic environment with favorable tax systems.

5 Ways to Obtain a Residence Permit in Cyprus

It is possible to obtain a residence permit in Cyprus for financially independent individuals based on investments. To do this, a foreigner must invest a minimum of 200,000–300,000 EUR, depending on the method. The investment can be made in the following areas:

Real Estate. An investor has the right to purchase one or two properties.
Shares. A residence permit can be obtained by investing in the shares of Cypriot companies. The company you invest in must conduct commercial activities, and its staff must include at least five people.
Investment Funds. You can also invest in shares of a Cypriot collective investment organization. Investments can be made in AIF, AIFLNP, and RAIF organizations.
Business. Self-employed individuals can obtain a residence permit if they hold a professional license and have at least 260,000 EUR capital.
Pink Slip. This program is available for individuals with a minimum monthly income of 2,000 EUR per applicant, plus 20% for a spouse and 15% for each child.

Investments in Cyprus are reversible. They can be returned after 5 years. Thus, the investor can obtain citizenship, sell the assets, and return the invested capital.

Conditions for Obtaining a Residence Permit in Cyprus

In addition to the investment conditions, Cyprus also has criteria for investors. Individuals who meet the following requirements can obtain a residence permit:

Age – over 18 years old.
No criminal record.
Legal income of at least 50,000 EUR annually.
No sanctions or entry bans to the EU countries and the UK.
Proof of permanent residence (property purchase or lease agreement).
Health insurance.

The applicant also has the right to include family members in the residence permit application. So, you can add a spouse, children under 18 years old, or children under 25 if they are students and unmarried.

What Documents Are Needed to Obtain a Residence Permit in Cyprus?

Before obtaining a residence permit in Cyprus, you need to prepare a set of documents. It includes the following:

ID and foreign passport of the applicant and birth certificate.
Marriage certificate, birth certificates of children (if applicable).
The investor's biography.
Financial declaration. This document is needed to confirm the presence of legal income of at least 50,000 EUR per year.
Proof of permanent residence – property purchase or lease agreement.
Documents confirming the fulfillment of the investment condition.
Evidence that the investor is not employed in Cyprus.
Certificate of no criminal record.
Health insurance.

Additional documents may also be required. The Migration Service of Cyprus may request them on an individual basis.

Procedure

Procedure for Obtaining a Residence Permit and Citizenship in Cyprus

The procedure for obtaining a residence permit in Cyprus when purchasing real estate or investing in securities includes three main steps:

Preparation of the document package. The investor must prepare documents and make notarized translations.
Fulfilling the investment condition. You must complete the purchase agreement for real estate, invest in shares, or buy a fund share.
Submission of documents to the Cyprus Migration Service. You also need to fill out an application in the prescribed form.

The application for a residence permit and the document package will be reviewed within 4 months. During this period, visa officers may request additional documents to clarify any information. In the case of a favorable decision, you will be notified by email. Afterward, you need to arrive in Cyprus, provide fingerprints, complete the necessary documentation on-site, and receive the residence permit.

Residence permit holders can obtain Cypriot citizenship. The right to do so arises 5 years after obtaining the residence permit. The applicant must be a tax resident of Cyprus, meaning they must live in the country for at least 183 days a year. The Cypriot passport must be renewed every 10 years. The application for document renewal must be submitted six months before the passport’s expiration.

Taxes

What Taxes Need to Be Paid in Cyprus?

Cyprus is one of Europe’s most favorable tax jurisdictions, with relatively low tax rates. The tax rules are as follows:

Personal income tax – from 20% to 35% (calculated on a progressive scale).
Corporate tax – 12.5%.
VAT – 20% (with reduced rates available).
No taxes on property, wealth, inheritance, or gifts.

These rates apply to Cyprus tax residents – individuals and organizations living and working in the country for at least 183 days per year.

About us

Lawtter Solutions – Full-Service Residence Permit Assistance

Lawtter Solutions offers legal help with obtaining a residence permit in Cyprus. Our specialists have the necessary experience to process the document without stress quickly. We are familiar with all the specifics of Cypriot legislation and keep track of updates.

The first stage is a consultation. Our specialists will explain in detail what is needed to obtain the residence permit and answer any questions you may have. We will then help you choose the optimal investment option. If you intend to invest in real estate, the specialists at Lawtter Solutions will help you select properties from trusted developers.

We provide fast processing of the residence permit procedure and, later, Cypriot citizenship. We offer full support from the consultation stage to the receipt of the residence permit. Furthermore, we assist with obtaining all the necessary documents, filling out and submitting the application, and correctly processing the purchase of real estate or shares. Contact us to schedule your initial consultation!

Viktoriia Pustovoit

Chief Sales Officer & Partner

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